Home Buying in Massachusetts>Question Details

Katie, Home Buyer in Somerville, MA

Fannie Mae condo guidelines regarding minimum square footage

Asked by Katie, Somerville, MA Mon Sep 28, 2009

I found out today that my MyCommunity loan w/5% down payment (offered through MassHousing) was rejected because it didn't meet fannie mae guidelines. I was told it was because my 576 sq ft condo that I was trying to purchase fell short of the minimum 600 sq ft requirement. The lender I am working with is trying to work it out with MassHousing, but I'm curious if anyone out there has run into a similar issue. I have excellent credit, $0 debt and held the same job for six years. I find it hard to believe my loan would be rejected simply because it falls short of the requirement by only 24 sq ft.

Help the community by answering this question:


I work in the mortgage industry, condo's are my specialty & it is true, both Fannie Mae & Mass Housing have sqaure footage guidelines. It has nothing to do with you personally, you could have the best credit in the world but the guidelines are the guidelines.
0 votes Thank Flag Link Wed Aug 28, 2013
Hello Katie- Sorry to hear that this has been difficult, and may be dead. Unfortunately, guidelines set by Fannie or Freddie, or FHA, or pretty black and white and usually they do not have much flexibility with them. There are many, many mortgages that I cannot do because someone has a 618 FICO score and then minimum required for many loan programs is 620. So for 2 points on their middle FICO score, the mortgage deal is dead and cannot close. That is just the way it is.
If you need any further help, please let me know. Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Tue Sep 29, 2009
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